AmTrust Financial Services (AmTrust), a New York-headquartered multinational insurance holding company that offers speciality property and casualty (P&C) insurance products, has acquired Contractor Managing General Insurance Agency (CMGIA), a California-based MGA offering surety bonds to small- to mid-sized contractors.
The deal enables AmTrust to immediately establish its presence in the small- to mid-size contractor surety market. As part of the agreement, CMGIA will offer surety bonds to small- to-mid-size contractors across 50 states, building on its track record of managing a wide range of standard and specialty accounts.
“CMGIA's underwriting talent and agent network will be a key component in the growth of our surety business,” said AmTrust Surety president Sam Zaza.
Stephanie Shear, a seasoned surety underwriter with more than 40 years of experience, will join AmTrust's surety business along with several underwriters and support staff from CMGIA.
Commenting on the transfer, Shear said: “We are excited to join the AmTrust team. CMGIA will continue to source profitable specialty business while growing account sizes, expanding geographically, and offering best-in-class service to our agents and obligees.”
The deal follows AmTrust's acquisition of DUAL North America's middle market management liability practice last month.
AmTrust Financial Services was recognized as one of the Top Workers’ Compensation Insurance Companies in the USA. Read all the winners here.
